Step Up Program
- What It Offers: A competitive 30-year fixed interest rate and a down payment assistance option.
- Eligibility: Homebuyers who earn less than the program income limit and meet creditworthiness standards.
- Website: Alabama Housing Finance Authority – Step Up
Affordable Income Subsidy Grant
- What It Offers: A grant to help with closing costs and the down payment assistance offered through Step Up.
- Eligibility: Borrower’s qualifying income converted annually cannot exceed 80% of the Area Median Income (AMI) for the property’s location.
- Website: Alabama Housing Finance Authority – Affordable Income Subsidy Grant
Mortgage Credit Certificates (MCC)
- What It Offers: A tax credit of up to 50% of the mortgage interest paid annually, capped at $2,000 annually.
- Eligibility: Must meet federal income tax liability criteria.
- Website: Alabama Housing Finance Authority – MCC
